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Shares rose on Friday afternoon as US figures showing jobs growth slowing and companies’ labour costs easing boosted hopes of an early interest rate cut in the world’s biggest economy.
The data buoyed investors’ mood on both sides of the Atlantic, lifting markets.
DUBLIN
Insulation specialist Kingspan gained 4.45 per cent to close at €86.85 on Friday on news that rival Rockwool was predicting better than previously expected sales and profits after a strong start to the year.
Traders said the Irish group lured buyers throughout the day. It traded at €88.20 shortly before 3pm.
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Banks were weak on the back of figures showing falling numbers of homeowners switching their mortgages between lenders. AIB was flat at €4.944 while Bank of Ireland slipped 1.99 per cent to €10.12.
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Dealers said that while banks continued to increase the rate at which they approved borrowers’ applications for mortgages, tight supply meant few of them were drawing down loans.
“If nobody is drawing down, then nobody is making any money,” remarked one.
LONDON
London’s blue-chip FTSE 100 ended another record-breaking week, closing 41.34 points higher on Friday, or 0.51 per cent closing at 8,213.49.
Rail ticket seller Trainline advanced 6.6 per cent to 320.8 pence sterling after it more than doubled its profit over the past year, partly due to fewer rail strikes.
Trainline said it surpassed £5 billion (€5.8 billion) in ticket sales for the first time, as it further penetrated markets including Spain and Italy.
Shares in restaurant chain TGI Fridays operator Hostmore fell 3.6 per cent to 19.48 pence after the hospitality company reported lower revenues over 2023, compared with 2022.
The group said it had heavily reduced its pretax losses to £25.5 million from £108.3 million a year earlier, after a period of significant cost-cutting.
Airline EasyJet, one of Ryanair’s competitors, slipped 1 per cent to 541.6 pence on what dealers said was a quiet day for airlines.
EUROPE
Shares in Danish insulation maker Rockwool, a rival of Irish group Kingspan, soared 10.5 per cent to 2,532 kroner (€339.49) on Friday after the Copenhagen-listed manufacturer predicted that this year’s sales and earnings would beat previous predictions.
Traders said the stock rose following the company’s announcement.
Loctite glue and Persil detergent maker Henkel added 7.22 per cent to €79.34 after raising its predictions for this year following a first quarter during which sales grew by 3 per cent to €5.3 billion.
NEW YORK
US figures showed job growth slowed more than expected in April while wage increases fell below 4 per cent for the first time in nearly three years, raising the prospect of an early interest rate cut.
Among the biggest stock moves for the day, iPhone maker Apple, whose European base is in the Republic, jumped 6.7 per cent after unveiling a record $110 billion (€102 billion) share buyback program. — Additional reporting: Bloomberg, Reuters
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